Business News of 2014-07-18

Gov’t awaits approval of experts to issue Eurobond

Government is expected to issue the country’s next Eurobond when it gets the green light from its transaction advisors.

According to finance minister Seth Tekper, the advice of the experts will determine the exact period for conducting road shows and floating the bond.

Government has appointed Barclays Bank, Deutsche Bank and Standard Chartered Bank as lead transaction advisors for Ghana’s next Eurobond issue.

Local firms Databank, EDC Stockbrokers a subsidiary of the Ecobank Group and Strategic African Securities have also been appointed as co- managers of the transaction. Dentons and JLD & MB Legal Consultancy have also been appointed as international and local counsel for the transaction respectively.

Earlier on the finance minister dismissed reports that government had suspended plans to issue the bond due to unfavorable market conditions.

The $1 billion Eurobond will be used to fund capital expenditure in the 2014 Budget. It will also be used as counterpart funding for pipeline projects and the refinancing of domestic and external debt.

Last year Ghana successfully raised $1 billion from the international market in the second issue which was heavily oversubscribed.

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